https://www.taxtmi.com/caselaws?id=18302 The High Court upheld the Tribunal's decision that precious stones disclosed under the Voluntary Disclosure Scheme, 1975, did not qualify as capital assets for capital gain tax purposes under section 2(14)(i) of the Income-tax Act, 1961. The assessee's contribution of stones towards capital in a firm was deemed not to trigger capital gain tax liability, as there was no transfer of capital assets within the meaning of section 45. The exclusion under section 2(14)(i) applied, reflecting the assessee's history as a dealer in precious stones and the genuine intention to contribute the stones as capital, aligning with relevant precedent. en-us Wed, 27 Mar 1996 00:00:00 +0530 Wed, 30 Sep 2009 11:13:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18302 The High Court upheld the Tribunal's decision that precious stones disclosed under the Voluntary Disclosure Scheme, 1975, did not qualify as capital assets for capital gain tax purposes under section 2(14)(i) of the Income-tax Act, 1961. The assessee's contribution of stones towards capital in a firm was deemed not to trigger capital gain tax liability, as there was no transfer of capital assets within the meaning of section 45. The exclusion under section 2(14)(i) applied, reflecting the assessee's history as a dealer in precious stones and the genuine intention to contribute the stones as capital, aligning with relevant precedent. Case-Laws Income Tax Wed, 27 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18302